Newcastle plan to open contract talks with Jose Enrique as soon as their Premier League status is secure.
Alan Pardew's side are currently four points clear of the relegation zone while Spanish defender Enrique, 25, has 15 months of his deal remaining.
Newcastle signed the left-back from Villarreal for £6.3m in August 2007.
This week, Newcastle announced overall losses of £17.1m for the year ending 30 June 2010, but the club say they are heading in the right direction.
The Magpies claim they expect to break even if they remain in the top flight.
Meanwhile, Newcastle owner Mike Ashley wants the club to be challenging for a European spot on a regular basis as part of his long-term strategy.
Ashley, who took over in 2007, watched the Magpies slide into the Championship two seasons ago before winning back promotion at the first attempt.
Managing director Derek Llambias said: "Mike knows where we should be in four or five years. We want to be challenging for Europe every season."
Newcastle last played in Europe during the 2006/2007 season, when they reached the last 16 of the Uefa Cup.